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economy, it would be good for our children's future. and i believe that both parties can agree on a framework that does that in the coming weeks. in fact, my hope is to get this done before christmas. but -- the place where we already have in theory at least complete agreement, right now, is on middle-class taxes. and as i've said before, we have two choices. if congress does nothing, every family in america will see their taxes automatically go up at the beginning of next year. starting january 1st, every family in america will see their taxes go up. a typical middle-class family of four, would see its income taxes go up by $2200. that's $2200 out of people's pockets. that means less money for buying groceries, less money for filling prescriptions, less money for buying diapers. it means a tougher choice between paying the rent and paying tuition and middle-class families just can't afford that right now. by the way, businesses can't afford it either. yesterday, i sat down with some small business owners who stressed this point. economists predict that if taxes go up on the mi
the entire economy because we're not confident that our guys can govern anymore. people like me just aren't hiring because we're not confident they can do it. >> well, the white house echoed that concern this morning. a new report says failing to act on the president's plan for middle class americans would freeze the economic recovery. obama's plan includes lower taxes on the first $250,000 earned by every american and tweaking the alternative minimum tax. the white house report estimates that consumer spending would fall by $200 million. now that's more than three times what consumers spent just over this entire holiday weekend. there could be a drag on a range of industries from cars and housing to restaurants and supermarkets, if congress can't reach a deal. and look, pocketbook issues are not the only problem here. carl levin, the democratic senator and chair of the armed services committee said automatic cuts to government spending could impact public safety. >> i think you should be worried if you have a defense job and we all ought to be worried whether we are dependent upon other
is getting his economy back on track and to do that he needs the help of the international community and the united states. so he's got to carefully try to balance these two issues. i think he recognizes that a conflict along, you know, egypt's border with israel is not in egypt's interest any more than it's in israel's interests. so -- but these are people who have long been in opposition and they're having to learn to balance these political calculations as they go forward. >> right. and there's no rest after election day when you're the active president. p.j. will stay with us as we turn to another discussion right on point with president obama's foreign policy team. many republicans are attacking ambassador susan rice, a top candidate to replace secretary of state clinton. the senate has spiked some key nominations from president obama before, from elizabeth warren to nobel peace prize winner peter diamond. there is one number that suggests obama is likely to win this battle. we will look at the math after the break on "now." so you say men are superior drivers? yeah. then how'd
cut for high-income earners on the economy. there is this supposition, in fact i would call it bedrock republican philosophy economically speaking if you cut rates for top earners it benefits gdp. i will point to everybody for consideration a chart by the david leanhart of the "new york times" that shows what happens when you cut the top income tax rates. it doesn't help gdp. in fact, it falls. explain to me why republicans keep insisting on this fact when it doesn't appear at least to be true? >> well, the basic idea is that if you get to keep more of the rewards for each hour you work you'll work more hours or a little harder or be more likely to start a business. that's not a crazy idea on its face. in fact, it's probably right. the real question, though, is, is it a bigger effect or small effect? so republicans claim time and again this is a huge effect. democrats often claims it's a small effect. in the language of economics this is an argument about elast tisty. like my colleagues here go out and try to measure this. it's a difficult concept to measure. but that's basically the i
Search Results 0 to 3 of about 4